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<br />_ _-. <br />INFORMAI. DETAILED NOTES <br />-...,? SPECIAL MEETING OF COUNCII. <br />- FOR WORKSHOP PURPOSES <br />Page 2 <br />MARCH 9, 1992Mr. Rinker: We can let the litigation run its course. The fact is--the <br />litigation is there. <br />Mr. Norm Kotoch - resident of Timberline Trail: What is city's exposure if we do not go <br />through with the proposed settlement? <br />Mr. Rinker: The Court can rule against us; then the trial must start. The potential <br />damages requested by LaContes could be awarded if there were an adverse judgment. <br />Mr. Norm Kotoch: By paying $60,000 a yeaz, are we paying to keep it green? <br />Mr. Rinker: Yes. <br />Mr. Kotoch: Asked the cities' exposure by not buying since the area is a"warehouse <br />district." which would be no different than Beta Drive. Thinks the issue that should be <br />addressed is what will it take to get out of it...does not feel paying to keep it green is a <br />? valid alternative to purchasing it. <br />Mr. Flynn: Thinks it is healthy for Council and people to go over it. <br />Dino Marino (resident in the audience): the City is asking to pay $60,000 a yeaz plus 2% <br />amusement tax. What is that in terms of dollars and cents? <br />Mr. Rinker: They are seeking four million dollazs. <br />Mayor Pietrafese: They must choose the lesser of two evils. How much the golf course <br />makes is a gray area. Mr. Toth will present the numbers. <br />Mr. Toth: If it is purchased for approximately 3.5 million--$400,000,000 with principal <br />and interest which does include maintenance and upkeep. <br />Dino Marino: During that period of time not only would they be losing dollars, they would <br />have an encumbered debt; their hands would be tied to doing anything else. <br />Mr. Fixler: What is the amortization? <br />Mr. Toth: With land, you can have a 20-year payoff on a bond issue. <br />Mr. Kotoch: Does not want his comments misconstrued that he is advocating any form of <br />purchase of the golf course; would like to know what the city's exposure to the lawsuit it. <br />Mayor Pietrafese: Respects what Mr. Kotoch has to say; feels his input has a lot of inerit. <br />Mr. Flynn: It had appraised for 2.2 million dollars. <br />Mr. Kotoch: Feels that is realistic for a year and a half ago; they could find it to be 10-15% <br />lower now.